Saxon Woods, Inc. has a fiscal year- end of December 31, 2015. The company reported $ 124,500

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Saxon Woods, Inc. has a fiscal year- end of December 31, 2015. The company reported $ 124,500 in short- term notes payable due on April 1, 2016, on its year- end balance sheet. Saxon Woods extended the due date for this debt to January 31, 2017, during the post- balance sheet period. The bank agreed to extend the debt term for $ 100,000 of the total amount of the loan. $ 24,500 is due on its original due date. Prepare the journal entry required on December 31, 2016, to reflect the refinancing agreement under IFRS. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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